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Posts Tagged Foreign Bank and Financial Accounts

Recent IRS Rulings Give Hope To Americans With Unreported RRSPs

The Internal Revenue Service recently released several Private Letter Rulings which offer hope to U.S. taxpayers with unreported Canadian Registered Retirement Savings Plans – RRSPs for short. There are tens of thousands of Americans living in Canada. Many hold RRSPs as a way to save for retirement and defer taxes. As the IRS ramps up [...]

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IRS Hands Down Record Penalty in FBAR Case

A few days we ago we wrote about the expected guilty plea by Beanie Baby creator Ty Warner. The feds charged Warner with  tax evasion. Prosecutors say he failed to report offshore Swiss accounts and file required FBAR forms. U.S. taxpayers must annually report their offshore financial assets if at any point in the year [...]

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